US Wireless Charging Group WiTricity Closes New Funding Round With $63 Million Investment

US-based wireless charging company WiTricity has completed a new funding round of $63 million. The round includes investments from industrial giant Siemens AG, Japan Energy Fund, Mirae Asset Capital, and returning investors Stage One, Airwaves Wireless Electricity, and Delta Electronics among others.

WiTricity was founded out of MIT in 2007 to commercialise the use of magnetic resonance to transmit power over distance at any power level.

The company has developed a global patent portfolio of over 1250 issued patents, including the acquisition of the wireless charging assets of Qualcomm Halo in 2019. 

Its technology spans from milliwatts to kilowatts and can be found in products today from consumer electronics to industrial robotics.  

WiTricity is now expanding beyond licensing to delivering full wireless charging solutions for its customers including global OEMs fleets, changepoint operators, and end customers.

Alex Gruzen, CEO, WiTricity, says: “WiTricity has built a true technology platform supported by a robust patent portfolio and global automotive standards. This new capital will allow us to accelerate product to market for both passenger and commercial wireless charging, and speed the development of our unique always-available wireless V2G capabilities allowing parked EVs to return power to the grid.”

“With the recent increase in EV uptake in Japan, we see a strong need for technologies that offer simple charging solutions for drivers,” adds Yohei Kiguchi, Founder and CEO of Japan Energy Fund and ENECHANGE Ltd. “WiTricity’s technology does exactly that. We are confident that wireless charging will be a gamechanger, and by inspiring more consumers to choose EVs over traditional combustion engines, lead to further decarbonization.”

WiTricity last raised $52 million in 2021 with investors including Stage 1 Ventures, Air Waves Wireless Electricity, Mitsubishi Corporation, Future Shape, among others.